Question

Country |
Real GDP 2014 |
Real GDP 2015 |

Blissful Acre |
$150,000,000 |
$156,000,000 |

Happy Haven |
$6,000,000 |
$6,300,000 |

Use the table above for the following questions

- What is Blissful Acre’s rate of growth of real GDP?
- What is Happy Haven's rate of growth of real GDP?
- If Blissful Acre’s population growth between 2014 and 2015 is 2%, what is the rate of growth of real GDP per capita
- If Happy Haven’s growth rate of real GDP per capita is 2.5%, what is the rate of growth of population?
- Using the rule of 70, how long will it take each country to double its real GDP?

Answer #1

Mexico’s Real GDP was 13,773 billion pesos in 2014 and 14,135
billion pesos in 2015. Mexico's population growth rate in 2015 was
1.1 percent. Calculate The growth rate of real GDPin 2015.
Calculate the growth rate of real GDP per person in 2015.
Calculate the approximate number of years it takes for real GDP
per person in Mexico to double if the 2015 growth rate of real GDP
and the population growth rate are maintained.

Japan 's real GDP was 510 trillion yen in 2014 and 517 trillion
yen in 2015 . Japan 's population growth rate in 2015 was minus
0.1 percent. Calculate a. The growth rate of real GDP. b. The
growth rate of real GDP per person. c. The approximate number of
years it takes for real GDP per person in Japan to double if the
2015 growth rate of real GDP and the population growth rate are
maintained. The growth rate...

GDP per Capita Growth and Rule of 72
Current Year
Previous Year
Growth Rate
Real GDP
$8.4 trillion
$8.0 trillion
Population
202 million
200 million
GDP per Capita
$
$
Formulas you could use:
Growth Rate in percentage = (Current year value – previous year
value)/ previous year
GDP per Capita = Real GDP/population (Ch6 Section 6.4)
Future value = Present value x (1 + growth rate)^number of
years (Ch7 Section 7.2)
Rule of 72:
72/growth rate = number of...

3. Country B’s current GDP is $500,000. It is growing at
the rate of 8% per year. It has a current population of 5,000 which
is growing at 1.5% a year.
(a) Using the rule of 70, how long will it be before
Country B’s GDP doubles (round off to the nearest value)? What will
it’s per-capita GDP be in that year?
(b) Using the rule of 70, how long will it be before
Country B’s population doubles (round off...

Use the information below to answer the following questions.
Instructions: Round your answers 2 decimal
places.
Real GDP Year 1
Population Year 1
Real GDP Year 2
Population Year 2
$370,000.00
34.00
$391,571.00
34.85
Question 1:
What is the growth rate of real GDP between year 1 and 2?
___%
Question 2:
What is GDP per capital in Year 1?
$
What is GDP per capita in Year 2?
$
Question 3:
What is the growth rate in real GDP...

The following table depicts statistics on GDP per capita (ie,
GDP/population) in column (1) and its growth rate for the country
groups (column 2) defined by GDP levels (High-income, Middle-income
and Low-income). They are all expressed as real (constant) GDP.
A
B
C
Country group
GDP per capita (Year 2010)
Average annual growth rate of real GDP per capita (Year
2000-2010)
GDP per capita (Year 2088)
High-income
38,293
0.9%
77024.76
Middle-income
3,980
4.8%
154192.5
Low-income
507
3.0%
5085.24
Throughout this...

The following questions are about production and growth.
Country
Current Real GDP per capita
Current Growth Rate
A
$15,468
1.98%
B
$13,690
2.03%
C
$6,343
3.12%
D
$1,098
0.61%
Which country is the richest? How do you know?
Which country is advancing most quickly? How do you know?
If a country increases capital investment, what does it do to
their growth rate?
Why do we use GDP per capita instead of GDP itself to determine
standard of living in a...

10.
a) Real GDP per capita in Brainland in 2020 is $20,000. Due to
past investment in its education system and infrastructure,
Brainland has been experiencing a growth rate in real GDP per
capita of 7% per year. Assume real GDP per capita continues to grow
at 7% for the next 30 years. Use the rule of 70 to determine what
real GDP per capita would be in the year 2050.
b) Real GDP per capita in the neighboring...

Please, I need full explanation and correct answers.
1) In 2012, Northland had real GDP of $4.21 billion and a
population of 2.98 million. In 2013, real GDP was $4.59 billion and
population was 2.97 million. What was Northland's growth rate of
real GDP in 2013? 1) _______
A) 0.38 percent
B) 11.1 percent
C) 9.0 percent
D) 8.3 percent
E) 3.8 percent
3) Using the Rule of 70, if the country of Flowerdom's current
growth rate of real GDP...

Long-Run Economic Growth – End of Chapter
Problems
2. The accompanying table shows the average
annual growth rate in real GDP per capita for Argentina, Ghana, and
South Korea, using data from World Bank, World Development
Indicators, for the past few decades.
a. For the 10-year periods indicated, use the
Rule of 70 to calculate how long it would take for that country’s
real GDP per capita to double. Round your answers to one place
after the decimal point.
Average...

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